Amid growing concerns over iPhone sales, Piper Sandler & Co.’s Harsh Kumar downgraded Apple’s stock rating, citing a weak macro environment in China affecting demand. This follows a recent bearish move by Barclays Plc analysts who also downgraded Apple to underweight. Apple, the least-loved big tech stock on Wall Street, has faced challenges in the past year, with revenues contracting for four consecutive quarters. Analysts are cautious about the company’s outlook, and Piper Sandler’s downgrade contributes to a three-year low in bullish recommendations for Apple among big tech stocks. The stock has stumbled in 2024, down 5.5% year-to-date.